Banking Korean: Key Terms for Opening Accounts/Transfers/Fees + Teller Scripts

Table of Contents

• Navigating Korean Banking: Essential Terms for Expats
• Opening Your Korean Bank Account: A Step-by-Step Guide
• Understanding Fees and Charges in Korean Banking
• Mastering Transactions: Transfers, Remittances, and More
• Teller Scripts: Essential Phrases for Your Bank Visits
• Digital Banking Innovations for Foreign Residents
• Frequently Asked Questions (FAQ)

Navigating the financial landscape in a new country can feel daunting, but with the right knowledge, it becomes a smooth sailing experience.

Banking Korean: Key Terms for Opening Accounts/Transfers/Fees + Teller Scripts

 

Navigating Korean Banking: Essential Terms for Expats

South Korea's financial sector is increasingly catering to its diverse foreign population, which has surpassed 2.73 million as of June 2025. Banks are actively enhancing their services to be more accessible and user-friendly for non-Korean speakers, recognizing the significant economic contribution of expatriates. This includes expanded multilingual support, intuitive digital platforms, and specialized financial products designed to meet the unique needs of international residents. Understanding key Korean banking terminology is a crucial step in effectively managing your finances here.

The term 'bank' itself is '은행' (eun-haeng). When you're looking to manage your money, you'll be interacting with your '계좌' (gyejwa), which translates to 'account'. For those who prefer a physical record, the traditional '통장' (tong-jang) serves as a bank book or passbook, though digital statements are now the norm for many.

Conducting financial transactions involves several key phrases. '이체' (iche) means 'transfer', referring to moving funds between accounts. '수수료' (susuryo) is the term for 'fees', which are important to be aware of for various services. For official identification and verification purposes, your '외국인등록증' (oegugindeungnokjeung), or Korean residence card (ARC), is essential. Your '여권' (yeogwon), or passport, is also a fundamental document for many banking procedures. When you need to send money abroad or receive it, the term you'll use is '송금' (song-geum), which means remittance or money transfer. Lastly, if you need to convert currencies, you'll be looking for '환전' (hwan-jeon), or currency exchange services.

Many banks are actively promoting their English-language services and apps, recognizing the need for convenience among foreign residents. Shinhan Bank, for example, offers a 'SOL Global Check Card' that allows for remote account opening and debit card issuance. Hana Bank has its 'Hana EZ' app, which is particularly useful for overseas remittances and features an AI-powered multilingual translation system in its branches. These initiatives demonstrate a commitment to making financial interactions as seamless as possible for everyone.

The increasing number of foreign customers at domestic banks, surpassing 8.13 million last year, highlights the growing demand for tailored financial solutions. As digitalization continues to transform the banking landscape, understanding these basic terms will empower you to confidently navigate your financial journey in South Korea.

Essential Korean Banking Terms

Korean Term	English Translation
은행 (eun-haeng)	Bank
계좌 (gyejwa)	Account
통장 (tong-jang)	Bank book/passbook
이체 (iche)	Transfer
수수료 (susuryo)	Fees
외국인등록증 (oegugindeungnokjeung)	Korean residence card (ARC)
여권 (yeogwon)	Passport
비자 (bija)	Visa
송금 (song-geum)	Remittance/money transfer
환전 (hwan-jeon)	Currency exchange

 

Opening Your Korean Bank Account: A Step-by-Step Guide

Opening a bank account in South Korea as a foreigner has become increasingly streamlined, thanks to banks adapting to the growing expatriate community. While most traditional account openings still require an in-person visit to a branch, the process is becoming more digitized and accessible. The key is to be prepared with the necessary documentation. Generally, you will need your passport, a valid visa, and your Alien Registration Card (ARC) or, increasingly, its mobile equivalent, which has been accepted by major banks since March 21, 2025.

A Korean phone number is also a fundamental requirement, often used for verification purposes, especially when setting up online banking or mobile banking applications. Some financial institutions might also request proof of address, such as a utility bill, or documents verifying your employment or educational status, depending on the type of account you wish to open and the bank's specific policies. Understanding these prerequisites can save you a significant amount of time and potential frustration.

As of June 2025, the foreign resident population in South Korea exceeds 2.73 million, and banks are responding to this demographic shift with improved services. For instance, Shinhan Bank has been a leader in digital solutions, with initiatives like the 'SOL Global Check Card' enabling non-face-to-face account opening and card issuance. This digital approach, aiming for greater convenience, saw over 20,000 cards issued by January 2025.

Hana Bank offers similar conveniences through its 'Hana EZ' app, which is particularly beneficial for international remittances and provides an AI-based multilingual translation system at its branches. These advancements underscore a broader trend of banks investing in technology and customer-centric services to better serve foreign residents. Some banks may also have specialized branches or digital lounges designed specifically for foreigners, such as Shinhan Bank's network of 78 digital lounges.

When visiting a branch, it's always a good idea to confirm the specific documents required beforehand, either through the bank's website or by calling their customer service. This preparation ensures a smoother and more efficient account opening process, allowing you to quickly begin managing your finances in Korea. Remember to inquire about account types, any minimum balance requirements, and the associated benefits or features.

Documents Typically Required for Account Opening

Document	Notes
Passport	Must be valid and current.
Valid Visa	Proof of legal stay in Korea.
Alien Registration Card (ARC) or Mobile ID	Official identification for foreigners. Mobile version accepted since March 2025.
Korean Phone Number	For verification and online banking access.
Proof of Address (sometimes)	e.g., utility bill.
Employment/Education Documents (sometimes)	May be required by some banks.

 

Understanding Fees and Charges in Korean Banking

As with any banking system globally, understanding the fee structure is vital for managing your finances effectively in South Korea. Korean banks have a range of fees that can apply to different transactions and services. These can include charges for ATM usage, domestic and international transfers, currency exchange, and account maintenance. Being aware of these potential costs will help you avoid unexpected deductions from your account and make informed decisions about your banking activities.

ATM fees are a common point of consideration. While using ATMs affiliated with your own bank is often free, withdrawing cash from ATMs at convenience stores or those belonging to different banks may incur charges. Using foreign-issued cards at Korean ATMs can also result in higher fees. For domestic transfers, many banks offer free transactions, especially when using their mobile banking apps or online platforms. However, over-the-counter transactions at a teller or transfers between different banks might sometimes come with a small fee.

International transfers, or remittances (송금), typically involve a more complex fee structure. These usually include a sending fee charged by your bank, potential intermediary bank fees if the funds pass through other institutions, and a receiving fee charged by the recipient's bank. In addition to these transfer fees, there's also the currency exchange rate spread, which is the difference between the market rate and the rate the bank offers. Banks like Hana Bank are working to simplify international remittances through apps like 'Hana EZ', but understanding these underlying costs remains important.

Currency exchange (환전) fees are generally embedded within the exchange rate itself, often referred to as the 'spread'. This means you won't receive the exact market rate when converting currencies. The size of this spread can vary between banks and for different currency pairs. Some banks might offer preferential rates or lower fees for specific customer segments or through promotional offers, so it's always worth inquiring about these.

To minimize fees, consider utilizing mobile banking as much as possible, as it often offers the most cost-effective way to perform transactions. Additionally, if you frequently make international transfers, research banks that specialize in or offer competitive rates for such services. Keeping a close eye on your bank statements and understanding the fee schedule provided by your bank can prevent surprises and help you budget more accurately. The trend towards digitalization, as seen with platforms like Toss and enhanced bank apps, is making many domestic transactions increasingly fee-free or very low cost.

Common Banking Fees and Considerations

Fee Type	Description	Considerations for Foreign Residents
ATM Fees	Charges for using ATMs, especially non-affiliated ones.	Check fees for convenience store ATMs and using foreign cards.
Domestic Transfer Fees	Fees for transferring money within Korea.	Often free via mobile banking; over-the-counter may incur charges.
International Transfer Fees	Charges for sending money abroad.	Includes sending, intermediary, and receiving fees; compare rates.
Currency Exchange Spread	Difference between the market rate and the bank's rate.	Affects the amount received after conversion. Look for competitive rates.
Account Maintenance Fees	Periodic charges for maintaining an account.	Inquire if minimum balance requirements can waive these fees.

 

Mastering Transactions: Transfers, Remittances, and More

Effectively managing your money in South Korea involves more than just opening an account; it's about confidently performing various transactions. Whether you need to send money to family back home, pay bills, or simply move funds between your own accounts, understanding the terminology and processes for '이체' (iche - transfer) and '송금' (song-geum - remittance) is crucial. Digital platforms and mobile banking apps have significantly simplified many of these operations.

Domestic transfers are generally straightforward. Using your bank's mobile app or online banking portal, you can typically initiate a transfer by entering the recipient's account number, bank name, and the amount. Many banks, aiming to encourage digital adoption, offer fee-free domestic transfers for transactions conducted through these channels. This is a significant benefit for daily financial management, allowing you to easily split bills or send money to friends.

International remittances (송금) require a bit more attention due to potential fees and processing times. When sending money abroad, you'll often need the recipient's full name, their bank name and address, their account number, and sometimes an SWIFT/BIC code. Banks like Hana Bank, with its 'Hana EZ' app, are focusing on making this process smoother for foreigners, offering enhanced features for international transfers. It's always advisable to compare the total cost, including all fees and the exchange rate, before confirming a remittance.

Currency exchange (환전) is another common transaction, especially if you're dealing with cash or need foreign currency for travel. While banks offer exchange services, dedicated currency exchange booths or specialized financial apps might sometimes provide more competitive rates. For major transactions or regular currency needs, understanding the nuances of the exchange rate spread offered by different providers can lead to significant savings over time. As of June 2025, the foreign resident population is over 2.73 million, increasing the demand for efficient and cost-effective cross-border financial services.

Beyond transfers and remittances, other transactions like bill payments, direct debits, and card services are integral to daily life. Most banks provide systems for paying utility bills, phone bills, and credit card balances through their apps or at ATMs. Setting up direct debits can automate recurring payments, saving you the hassle of manual transactions each month. Staying informed about the features offered by your chosen bank, especially those tailored for foreigners like those from Shinhan or Hana Bank, will enable you to manage all your financial needs with confidence and ease.

Transaction Types and How to Perform Them

Transaction Type	How to Perform	Key Information Needed
Domestic Transfer (이체)	Mobile App, Online Banking, ATM, Teller	Recipient's Account Number, Bank Name, Amount.
International Remittance (송금)	Mobile App, Online Banking, Teller	Recipient's Full Name, Bank Name & Address, Account Number, SWIFT/BIC Code (if applicable).
Currency Exchange (환전)	Bank Branch, Exchange Booths, some Apps	Amount and currency to exchange.
Bill Payments	Mobile App, Online Banking, ATM	Bill account number, payment amount.

 

Teller Scripts: Essential Phrases for Your Bank Visits

Even with expanding English services, knowing a few basic Korean phrases can be incredibly helpful when interacting with bank tellers, especially in smaller branches or during busy periods. These phrases can facilitate smoother communication and show your effort to engage with the local language. Having these ready can make your banking experiences more comfortable and efficient.

When you enter a bank, a polite greeting is always appreciated. You can say '안녕하세요' (Annyeonghaseyo) for 'Hello'. If you need assistance, you can ask '도움이 필요합니다' (Doumi piryohamnida), meaning 'I need help.' When you're ready to state your purpose, such as opening an account, you can say '계좌를 개설하고 싶습니다' (Gyejwaleul gaeseolhago sipseumnida) for 'I want to open an account.' For money transfers, you would say '이체하고 싶습니다' (Ichehago sipseumnida) for 'I want to transfer money.'

If you need to inquire about fees, you can ask '수수료가 얼마입니까?' (Susuryoga eolmaimnikka?), which translates to 'How much are the fees?' When asking for a bank book or passbook, you can request '통장을 주시겠어요?' (Tongjang-eul jusigesseoyo?), meaning 'Could you give me a bank book?' For exchanging currency, you might say '환전하고 싶어요' (Hwanjeonhago sipeoyo), which means 'I want to exchange currency.'

If you need to confirm your balance, you can ask '잔액을 확인하고 싶습니다' (Jaenaeg-eul hwagin-hago sipseumnida) for 'I want to check my balance.' When completing a transaction, you might need to ask for your receipt: '영수증 주세요' (Yeongsujeung juseyo), meaning 'Please give me the receipt.'

It's also useful to know how to ask for clarification. If you don't understand something, you can say '잘 모르겠습니다' (Jal moreugesseumnida), meaning 'I don't understand well.' For politely asking someone to speak slower, you can say '천천히 말해주세요' (Cheoncheonhi malhaejuseyo), meaning 'Please speak slowly.' The proactive use of these phrases can significantly enhance your interaction with bank staff and make your financial tasks much smoother.

Common Teller Interaction Phrases

English Phrase	Korean Phrase	Pronunciation Guide
Hello	안녕하세요	Annyeonghaseyo
I want to open an account.	계좌를 개설하고 싶습니다.	Gyejwaleul gaeseolhago sipseumnida.
I want to transfer money.	이체하고 싶습니다.	Ichehago sipseumnida.
How much are the fees?	수수료가 얼마입니까?	Susuryoga eolmaimnikka?
Please give me the receipt.	영수증 주세요.	Yeongsujeung juseyo.
I don't understand well.	잘 모르겠습니다.	Jal moreugesseumnida.
Please speak slowly.	천천히 말해주세요.	Cheoncheonhi malhaejuseyo.

 

Digital Banking Innovations for Foreign Residents

South Korea's financial landscape is rapidly evolving, with a strong emphasis on digitalization and mobile-first solutions, and banks are actively innovating to better serve its growing foreign resident population, which exceeded 2.73 million by June 2025. This digital transformation is making banking services more accessible and user-friendly for non-Korean speakers, breaking down previous barriers to financial inclusion.

Mobile banking apps have become central to this evolution. Platforms like Toss have gained immense popularity by offering a comprehensive suite of financial services beyond traditional banking, including investing, lending, and payments, all within a single, intuitive interface. Korean banks are continuously enhancing their own mobile platforms to compete and provide specialized features for international residents. For example, Shinhan Bank and KEB Hana Bank are known for their robust English interfaces, making it easier for foreigners to manage their accounts, perform transactions, and access various banking products.

Shinhan Bank is a prime example of this innovation with its 'SOL Global' services, including its 'SOL Global Check Card' which facilitates non-face-to-face account opening and card issuance. Furthermore, their network of 78 digital lounges specifically designed for foreigners offers advanced interactive kiosks for account management, video consultations with multilingual staff, and access to other support services. These lounges are strategically located to cater to expatriate communities.

Hana Bank's 'Hana EZ' app is another notable innovation, specifically optimized for overseas remittances and featuring an AI-powered multilingual translation system within its branches. This technology aims to bridge language gaps and provide a more personalized banking experience for foreign customers. Initiatives like these are crucial given that the number of foreign customers at domestic banks surpassed 8.13 million last year, demonstrating a strong demand for such tailored digital solutions.

Beyond basic banking, some financial groups are looking at integrated services. JB Financial Group's 'Bravo Korea' platform, for instance, aims to combine financial services with social support for foreigners, including assistance with visa information, language education, and even job listings. This holistic approach reflects a deeper understanding of the needs of the foreign community and positions banking as a central pillar of support for their integration into Korean society. The continuous integration of AI and machine learning is further enhancing personalization, fraud detection, and overall efficiency in these digital offerings.

Key Digital Banking Innovations

Innovation	Description	Benefit for Foreign Residents
Enhanced Mobile Apps	User-friendly apps with English interfaces and comprehensive features (e.g., Shinhan SOL Global, Hana EZ).	Simplified account management, transactions, and access to services from anywhere.
Non-Face-to-Face Account Opening	Digital processes allowing account and card opening without visiting a branch (e.g., Shinhan's SOL Global Check Card).	Saves time and effort, especially for those with busy schedules.
Digital Lounges	Specialized physical spaces with self-service kiosks and multilingual support (e.g., Shinhan's lounges).	Provides a dedicated and supportive environment for banking needs.
AI-Powered Translation	Technology integrated into apps or branches to assist with language barriers (e.g., Hana Bank's system).	Facilitates clearer communication and understanding of services.
Integrated Service Platforms	Platforms that combine financial services with other aspects of life for foreigners (e.g., Bravo Korea).	Offers broader support beyond just banking, aiding in overall settlement.

 

"Get ready to bank with confidence!" Explore More FAQs

Frequently Asked Questions (FAQ)

Q1. Can I open a bank account with just my passport and visa?

 

A1. While your passport and visa are essential, most banks will also require your Alien Registration Card (ARC) or its newer mobile equivalent. A Korean phone number is also typically needed for verification.

 

Q2. Do I need to visit a bank branch in person to open an account?

 

A2. Traditionally, yes, but many banks are introducing digital or non-face-to-face options, especially for certain types of accounts or cards. It's best to check with your chosen bank for their specific procedures. Shinhan Bank's 'SOL Global Check Card' is an example of a non-face-to-face opening service.

 

Q3. What is the main difference between '이체' (iche) and '송금' (song-geum)?

 

A3. '이체' (iche) refers to a domestic money transfer within South Korea, while '송금' (song-geum) specifically means remittance, typically used for sending money internationally.

 

Q4. Are there free domestic money transfers in Korea?

 

A4. Yes, many Korean banks offer free domestic transfers, particularly when conducted through their mobile banking apps or online platforms. Over-the-counter transactions might incur small fees.

 

Q5. How much does an international transfer typically cost?

 

A5. International transfers usually involve multiple fees: a sending fee from your bank, potential intermediary bank fees, and a receiving fee by the recipient's bank, in addition to the currency exchange spread. It's best to compare offers from different banks.

 

Q6. Can I use my foreign bank card at Korean ATMs?

 

A6. Yes, you generally can, but be aware that fees might be higher compared to using a local Korean card. Check with your home bank and the Korean ATM provider about applicable charges.

 

Q7. What is the significance of the mobile foreigner residence card?

 

A7. Since March 21, 2025, many Korean banks now accept mobile foreigner residence cards as a valid form of identification for opening accounts and conducting transactions, increasing convenience for foreign residents.

 

Q8. Which banks are known for good services for foreigners?

 

A8. Shinhan Bank, Hana Bank, and KB Kookmin Bank are often cited for their efforts in providing multilingual support, specialized apps, and services tailored for foreign residents, including digital lounges and English-language interfaces.

 

Q9. How can I check my bank account balance in Korea?

 

A9. You can check your balance via your bank's mobile app, online banking portal, ATMs, or by visiting a teller and asking for your '잔액' (jaenaeg - balance).

 

Q10. What is '환전' (hwan-jeon)?

 

A10. '환전' (hwan-jeon) refers to currency exchange, the process of converting one currency into another.

 

Q11. Are there banks with AI-powered translation systems?

 

Mastering Transactions: Transfers, Remittances, and More

A11. Yes, Hana Bank features an AI-based multilingual translation system at its branches to assist foreign customers with communication.

 

Q12. How can I pay bills using my Korean bank account?

 

A12. You can typically pay bills through your bank's mobile app, online banking portal, or at an ATM by inputting the bill details or using a QR code provided on the bill.

 

Q13. Is it easy to find English-speaking staff at banks in Korea?

 

A13. Major banks are increasing their English support, with many branches having staff who can assist in English. Specialized digital lounges also often provide multilingual assistance. However, it may vary by branch location and size.

 

Q14. What does '통장' (tong-jang) mean?

 

A14. '통장' (tong-jang) is the Korean term for a bank book or passbook, which traditionally recorded transactions. While less common now, some may still opt for it or receive one upon opening an account.

 

Q15. How has the foreign resident population impacted banking services?

 

A15. The growing foreign population (over 2.73 million as of June 2025) has prompted banks to enhance multilingual support, develop user-friendly digital platforms, and offer specialized services and products to better meet the financial needs of expatriates.

 

Q16. What is a SWIFT/BIC code used for?

 

A16. A SWIFT/BIC code is an international bank identifier used for cross-border transactions to ensure funds are sent to the correct bank globally.

 

Q17. Are there any apps similar to Toss for banking in Korea?

 

A17. While Toss is very popular, major banks like Shinhan and Hana also offer robust mobile banking apps that provide a wide range of services. K-Bank and KakaoBank are also significant players in the digital banking space.

 

Q18. What is a digital lounge for foreigners?

 

A18. Digital lounges are dedicated spaces, often within bank branches, equipped with technology like smart kiosks and video conferencing for foreigners to conduct banking tasks, receive assistance, and access information in multiple languages. Shinhan Bank operates numerous such lounges.

 

Q19. Can I set up direct debits for recurring payments?

 

A19. Yes, most Korean banks allow you to set up direct debits (자동이체 - jadong-iche) for regular payments like rent, utilities, and subscriptions through their online or mobile banking services.

 

Q20. What should I do if I don't understand the teller?

 

A20. You can politely say '잘 모르겠습니다' (Jal moreugesseumnida - I don't understand well) or '천천히 말해주세요' (Cheoncheonhi malhaejuseyo - Please speak slowly). Using a translation app on your phone can also be helpful.

 

Q21. How can I exchange currency at a favorable rate?

 

A21. Compare the exchange rate spreads offered by different banks, currency exchange booths, and specialized financial apps. Sometimes, using a travel-focused card or service can also offer better rates.

 

Q22. Is a Korean phone number mandatory for banking?

 

A22. Yes, a Korean phone number is almost always required for identity verification, especially for online and mobile banking access, as well as for receiving transaction alerts.

 

Q23. What is the role of KB Kookmin Card's data analysis?

 

A23. KB Kookmin Card leverages data analysis to understand the consumption patterns of foreign residents, which helps them develop tailored financial products and services that better meet the needs of this demographic.

 

Q24. Can I open a joint account as a foreigner?

 

A24. Joint accounts are generally possible for foreigners, but requirements may vary by bank. Both account holders will likely need to provide their identification documents, and there might be specific conditions depending on the bank's policy.

 

Q25. What are the benefits of using a mobile banking app like 'Hana EZ'?

 

A25. Apps like 'Hana EZ' are optimized for specific needs, such as overseas remittances, and often include features like AI-powered translation, making them particularly useful for foreign residents managing international finances and communication.

 

Q26. How can I get help if I have a complex banking issue?

 

A26. For complex issues, utilize bank customer service hotlines, visit a branch (especially a specialized foreign resident service center or digital lounge if available), or seek assistance through online banking chat features.

 

Q27. What kind of financial education do banks offer foreigners?

 

A27. Some banks provide financial education programs, workshops, or online resources aimed at helping foreign residents understand the Korean financial system, budgeting, and investment options.

 

Q28. Is it possible to apply for loans as a foreigner?

 

A28. Yes, some banks offer specialized loan products for foreign workers or residents. Eligibility often depends on your visa status, length of stay, income, and credit history in Korea. Shinhan Bank, for example, offers digital lounges that can assist with loan inquiries.

 

Q29. What should I do if my ARC is about to expire?

 

A29. You should renew your ARC as soon as possible. Inform your bank about the renewal process or any changes, as an expired ARC can lead to restrictions on your bank account activities.

 

Q30. How can I stay updated on new banking services for foreigners?

 

A30. Regularly check the websites of major Korean banks, follow their official social media channels, or visit specialized foreign resident support centers. Banks are continuously updating their offerings as part of their commitment to inclusivity.

 

Disclaimer

This article provides general information for educational purposes and does not constitute professional financial advice. Always consult with a qualified financial advisor or your bank for personalized guidance regarding your specific financial situation.

Summary

This guide covers essential Korean banking terms, the process of opening accounts, understanding fees and transactions, useful teller phrases, and the innovative digital services available for foreign residents in South Korea, aiming to simplify financial management for expatriates.